Analysis of bank loan issuance for 13 months through March 2011

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Rate (L+)

	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Below 150 bps	0	0	0	0	0	0	0	0	1.051	1.000	0	0	0
150	0	0	0	0	0	0	0	0	0.300	0.500	0.675	0	0.350
175	0	0	0.100	0	0.750	0.285	0.100	0.920	0.450	1.150	0.600	2.425	4.310
200	0.725	0	0	0	0	0.670	0	2.713	0.585	2.048	1.000	4.620	0.900
225	1.130	1.500	1.900	1.415	0	1.133	0.525	2.840	0.450	0.125	0.950	0.315	5.595
250	0	0	1.600	5.877	0.541	2.010	4.030	2.980	1.158	3.615	3.620	1.640	3.483
275	0.900	0.100	1.800	0.125	0.920	4.492	0.350	3.634	0.915	0.502	2.545	3.915	3.440
300	3.225	6.120	5.350	4.239	2.523	1.290	4.716	2.870	2.335	1.215	8.175	22.324	5.732
325	2.122	1.975	0.530	5.700	0.475	0.558	0	0.546	1.483	0.669	7.331	7.625	7.367
350	6.192	3.875	3.919	1.084	0.595	1.175	1.950	1.943	4.525	0.805	4.995	12.807	2.237
375	2.810	1.295	1.070	0	0.675	0.400	1.770	2.345	2.200	6.060	1.479	2.445	1.912
400	2.260	2.241	0.840	1.800	2.035	0.565	3.479	4.775	4.227	1.755	1.580	5.582	1.245
425	1.560	1.360	1.255	0	0.175	2.442	4.113	7.220	2.930	1.410	3.354	0.555	0.185
450	0.127	1.808	4.155	1.870	4.900	2.475	6.090	2.781	3.590	1.165	4.924	1.275	1.889
475	0.853	0	0.475	0	1.975	0.050	1.870	0.350	0.806	0.816	0.132	1.930	0.235
500 bps and upward	3.697	5.050	8.675	4.199	4.040	2.697	6.804	5.597	6.301	8.083	4.638	5.899	5.957
Fixed rate	0.135	0	0.427	0.495	0.764	0.150	0	1.679	0.057	0.170	0	0.888	0
NA	9.746	3.056	6.350	5.532	7.230	5.547	11.325	14.778	12.106	22.382	15.610	13.553	25.133
Other	0	0.078	0.180	0	0	0	0	0	0.220	0	0.150	0	0.040
Prime based	0	0	0.018	0	0	0	0	0	0	0	0	0	0
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Below 150 bps	0	0	0	0	2.051	6	0	0	0	0	2.051	6	2.051	4	0.00%
150	0	0	0	0	0.800	4	1.025	4	1.025	3	1.825	8	1.825	6	0.47%
175	0.100	1	1.135	3	2.520	8	7.335	14	7.335	13	11.090	26	11.090	25	3.34%
200	0	0	0.670	3	5.346	17	6.520	13	6.520	7	13.261	35	12.536	23	2.97%
225	4.815	7	1.657	5	3.415	14	6.860	15	6.860	12	17.878	42	16.747	32	3.12%
250	7.477	16	6.581	19	7.753	23	8.743	20	8.743	15	30.554	78	30.554	57	3.98%
275	2.025	9	5.762	14	5.051	20	9.900	30	9.900	17	23.639	76	22.739	40	4.51%
300	15.709	29	8.529	25	6.420	21	36.231	50	36.231	27	70.114	132	66.889	81	16.50%
325	8.205	17	1.033	4	2.698	13	22.323	33	22.323	25	36.381	72	34.259	46	10.17%
350	8.877	22	3.720	12	7.273	16	20.040	38	20.040	22	46.102	98	39.909	55	9.13%
375	2.365	6	2.845	15	10.605	15	5.836	19	5.836	12	24.461	61	21.651	35	2.66%
400	4.881	24	6.079	22	10.757	23	8.407	32	8.407	20	32.384	114	30.124	51	3.83%
425	2.615	13	6.730	14	11.560	19	4.094	12	4.094	7	26.559	61	24.999	32	1.86%
450	7.832	33	13.465	26	7.536	23	8.088	23	8.088	14	37.049	106	36.922	53	3.68%
475	0.475	2	3.895	9	1.972	10	2.296	16	2.296	9	9.491	41	8.639	23	1.05%
500 bps and upward	17.924	54	13.542	58	19.981	101	16.494	80	16.494	32	71.638	313	67.941	146	7.51%
Fixed rate	0.922	7	0.914	5	1.906	10	0.888	4	0.888	4	4.766	28	4.631	18	0.40%
NA	14.938	66	24.102	75	49.267	172	54.294	177	54.294	128	152.347	517	142.601	356	24.73%
Other	0.258	2	0	0	0.220	1	0.190	2	0.190	2	0.668	5	0.668	5	0.09%
Prime based	0.018	1	0	0	0	0	0	0	0	0	0.018	1	0.018	1	0.00%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%
Upsized?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Yes	2.195	6.902	5.604	4.930	3.498	5.277	7.498	5.005	7.667	13.325	12.776	6.785	3.250
No	30.891	19.070	30.630	26.600	22.721	19.982	38.793	50.899	35.534	37.996	47.011	77.893	66.001
Downsized	2.396	2.485	2.410	0.805	1.380	0.680	0.830	2.068	2.488	2.150	1.970	3.120	0.760
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	17.437	28	16.273	27	25.997	42	22.811	43	22.811	18	84.713	148	82.518	80	10.39%
No	76.300	269	81.497	267	124.428	450	190.905	518	190.905	341	504.021	1594	473.130	967	86.95%
Downsized	5.700	12	2.890	15	6.706	24	5.850	21	5.850	9	23.542	78	21.146	41	2.66%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%
Flex?
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Down	1.235	5.449	0.570	2.615	3.045	0.475	9.783	7.570	3.665	3.290	22.829	15.223	0.333
No	32.464	22.599	31.405	27.009	22.742	25.109	34.833	49.362	39.981	49.791	36.581	68.891	68.208
Up	1.782	0.410	6.670	2.711	1.812	0.355	2.505	1.040	2.043	0.390	2.347	3.685	1.470
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Down	8.633	25	13.303	22	14.525	33	38.385	68	38.385	33	76.081	153	74.846	70	17.48%
No	81.013	251	82.685	273	139.133	464	173.679	497	173.679	327	508.975	1580	476.511	980	79.10%
Up	9.790	33	4.671	14	3.473	19	7.502	17	7.502	8	27.220	87	25.437	38	3.42%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%
Type
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Revolver	16.909	9.649	19.828	13.242	12.065	13.167	18.806	26.600	17.018	28.294	20.095	22.275	30.706
TLA	0.800	0.400	0.560	4.938	1.195	0.823	5.795	2.322	1.105	0.060	3.530	7.393	5.450
Term	10.323	11.131	13.202	6.723	10.575	5.652	9.149	20.181	16.859	20.135	22.474	22.910	14.890
Institutional	7.135	6.890	3.724	5.971	3.744	5.590	12.653	7.107	9.447	3.450	13.890	33.519	18.046
Second/third/junior lien	0.315	0.235	0.230	0.145	0	0.140	0.404	0.940	0.670	1.503	0.440	0.461	0.799
Delayed draw	0	0.152	0.750	0.517	0	0.567	0.125	0	0.420	0.030	0.655	0.990	0.120
LoC	0	0	0.350	0.800	0.020	0	0.190	0.822	0.170	0	0.673	0.250	0
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Revolver	42.719	163	44.038	162	71.912	279	73.076	275	73.076	248	248.655	932	231.746	735	33.28%
TLA	5.898	15	7.813	19	3.487	13	16.373	35	16.373	10	34.371	84	33.571	18	7.46%
Term	31.055	83	25.375	75	57.174	144	60.274	139	60.274	63	184.202	476	173.879	223	27.45%
Institutional	16.585	33	21.987	40	20.004	47	65.454	103	65.454	42	131.165	234	124.030	93	29.81%
Second/third/junior lien	0.610	5	0.544	5	3.113	20	1.700	14	1.700	3	6.282	47	5.967	8	0.77%
Delayed draw	1.419	7	0.692	6	0.450	5	1.765	11	1.765	3	4.326	29	4.326	6	0.80%
LoC	1.150	3	0.210	2	0.992	8	0.923	5	0.923	2	3.275	18	3.275	8	0.42%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%
Moody's Rating
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Baa2	0.850	0	0	0	0	0	0	0	0	0	0	0	0
Baa3	0.575	1.525	0.350	2.675	0	0	0	5.000	0.500	0	0	0.340	1.625
Ba1	2.500	0.450	0.500	3.415	0.800	0.565	0.800	2.075	0	2.200	2.105	1.600	2.900
Ba2	7.940	5.360	3.580	4.843	3.370	0.777	4.735	3.315	6.065	0.965	2.720	9.088	4.150
Ba3	1.794	4.585	7.215	6.283	2.525	4.016	9.981	7.300	5.180	4.230	14.400	3.973	3.640
B1	0.620	5.899	1.575	1.470	2.700	1.140	5.218	3.710	9.400	7.630	10.055	14.125	2.055
B2	0.611	1.915	2.414	0	0.860	0.675	2.120	0.757	2.600	1.543	1.382	5.505	1.491
B3	0.375	0.330	0.200	0.260	0.435	0.180	0.135	0.575	0	0.865	1.015	3.713	0.845
Caa1	0.150	0	0	0	0	0	0.180	0.365	0.320	0.240	0	0.382	0.090
NR	20.067	8.394	22.810	13.390	16.908	18.585	23.952	34.874	21.624	35.798	30.080	49.073	53.215
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Baa2	0	0	0	0	0	0	0	0	0	0	0.850	2	0	0	0.00%
Baa3	4.550	8	0	0	5.500	3	1.965	6	1.965	4	12.590	19	12.015	10	0.89%
Ba1	4.365	8	2.165	5	4.275	11	6.605	12	6.605	6	19.910	38	17.410	21	3.01%
Ba2	13.783	27	8.883	20	10.345	21	15.958	27	15.958	14	56.908	112	48.968	50	7.27%
Ba3	18.083	46	16.523	34	16.710	52	22.012	41	22.012	24	75.122	182	73.328	86	10.03%
B1	8.944	30	9.058	33	20.740	52	26.235	67	26.235	35	65.596	185	64.976	96	11.95%
B2	4.330	17	3.655	10	4.901	26	8.378	27	8.378	13	21.874	86	21.263	42	3.82%
B3	0.790	5	0.750	7	1.440	6	5.573	15	5.573	10	8.928	36	8.553	21	2.54%
Caa1	0	0	0.180	1	0.925	6	0.472	4	0.472	1	1.727	12	1.577	4	0.21%
NR	44.593	168	59.446	199	92.296	339	132.368	383	132.368	261	348.770	1148	328.704	758	60.29%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%
Use of Proceeds
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Acquisition	7.069	5.548	0.910	5.130	2.385	1.245	8.415	8.497	5.122	1.073	6.665	5.766	4.163
Capex	0.665	0.165	4.750	0.567	0.472	0.675	1.070	2.935	0.957	0.275	1.009	0.575	0
Dividend/recap	2.547	1.980	0.120	0.305	0.904	1.786	1.793	5.895	11.920	2.615	3.255	7.365	1.805
Exit financing	2.250	0.330	2.160	0.772	0.591	1.450	0.600	0.195	0.800	1.110	1.345	0.080	0.090
GCP	1.545	1.128	2.750	1.172	0.650	3.810	1.365	11.030	1.828	9.570	7.057	1.451	5.340
LBO	0.720	1.431	5.870	4.396	3.695	3.115	4.905	2.429	3.835	5.340	7.867	3.220	5.497
Refinance	14.857	17.216	15.886	13.431	12.151	8.610	19.019	16.020	11.473	21.226	21.819	61.928	37.967
Multiple/Other/NA	5.828	0.660	6.199	6.562	6.750	5.248	9.954	10.970	9.755	12.262	12.740	7.413	15.149
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	11.588	16	12.045	18	14.691	29	16.594	23	16.594	23	61.986	91	54.917	86	7.55%
Capex	5.482	9	2.217	10	4.166	8	1.584	5	1.584	5	14.115	35	13.450	32	0.72%
Dividend/recap	2.405	6	4.484	11	20.430	41	12.425	26	12.425	26	42.291	91	39.744	84	5.66%
Exit financing	3.263	12	2.641	7	2.105	7	1.515	3	1.515	3	11.774	30	9.524	29	0.69%
GCP	5.050	15	5.825	18	22.428	40	13.848	39	13.848	39	48.696	115	47.151	112	6.31%
LBO	11.696	25	11.715	18	11.604	26	16.584	27	16.584	27	52.320	98	51.600	96	7.55%
Refinance	46.533	83	39.780	67	48.719	105	121.714	174	121.714	174	271.604	462	256.746	429	55.43%
Multiple/Other/NA	13.420	27	21.952	50	32.987	72	35.302	70	35.302	70	109.490	226	103.662	219	16.08%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%
Industry Sector (by SIC code)
	3/2010	4/2010	5/2010	6/2010	7/2010	8/2010	9/2010	10/2010	11/2010	12/2010	1/2011	2/2011	3/2011
Agriculture (0xxx)	0	0.475	0	0.865	0	0.950	0.700	0	0.250	0	0	0.885	0.225
Mining (1xxx)	0	0.723	2.350	2.000	0.950	0.850	0	0.325	0.527	0.965	2.725	1.000	1.700
Oil and gas (13xx)	4.015	2.125	2.486	1.860	3.095	2.500	8.093	2.203	3.457	4.830	1.934	3.600	2.565
Construction (15xx)	0.120	0	0.700	0.365	1.100	0.275	0	0.885	0.425	0.510	0	1.015	0.460
Manufacturing (2xxx, 3xxx)	11.669	4.417	13.201	7.639	3.210	9.302	19.793	19.667	13.105	12.060	23.643	27.551	16.198
Transportation (4xxx)	2.360	0.100	0.530	0.847	0.253	0.185	0.300	3.267	3.501	0.790	0.575	0.375	12.620
Communications (48xx)	2.398	1.915	4.269	0	1.028	0.270	3.665	9.977	2.966	8.960	1.765	5.054	4.317
Electric, gas, sanitary services (49xx)	0	1.109	1.710	2.915	2.663	0	1.900	3.145	0.950	1.350	0.525	1.670	3.599
Wholesale (5xxx)	5.358	1.369	4.325	1.240	1.344	5.281	4.675	2.340	7.385	6.201	7.455	14.301	9.708
Finance, insurance, real estate (6xxx)	2.832	3.955	1.865	3.604	6.595	1.580	1.785	3.125	1.545	6.055	7.865	10.776	2.810
Services (7xxx)	5.524	11.945	6.285	5.456	6.211	3.839	1.476	8.212	7.555	8.910	12.284	14.891	11.010
Health services (8xxx)	1.205	0.326	0.925	5.544	1.150	0.907	4.734	4.825	4.023	2.840	2.986	6.679	4.798
Total	35.482	28.457	38.645	32.335	27.599	25.939	47.121	57.972	45.689	53.471	61.757	87.798	70.011
	Q2/2010	Count	Q3/2010	Count	Q4/2010	Count	Q1/2011	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	1.340	2	1.650	4	0.250	1	1.110	3	1.110	3	4.350	10	4.350	10	0.51%
Mining (1xxx)	5.072	7	1.800	3	1.817	10	5.425	3	5.425	3	14.114	23	14.114	23	2.47%
Oil and gas (13xx)	6.471	17	13.688	20	10.489	19	8.099	16	8.099	16	42.762	79	38.747	72	3.69%
Construction (15xx)	1.065	3	1.375	2	1.820	6	1.475	3	1.475	3	5.855	15	5.735	14	0.67%
Manufacturing (2xxx, 3xxx)	25.257	52	32.304	56	44.833	93	67.392	104	67.392	104	181.457	324	169.787	305	30.69%
Transportation (4xxx)	1.477	5	0.738	4	7.558	13	13.570	11	13.570	11	25.703	37	23.343	33	6.18%
Communications (48xx)	6.183	13	4.963	11	21.904	24	11.136	26	11.136	26	46.585	78	44.186	74	5.07%
Electric, gas, sanitary services (49xx)	5.734	7	4.563	6	5.445	9	5.794	11	5.794	11	21.535	33	21.535	33	2.64%
Wholesale (5xxx)	6.934	20	11.300	24	15.926	40	31.464	60	31.464	60	70.983	150	65.625	144	14.33%
Finance, insurance, real estate (6xxx)	9.424	17	9.960	24	10.725	31	21.451	36	21.451	36	54.392	115	51.560	108	9.77%
Services (7xxx)	23.686	37	11.526	33	24.676	60	38.185	60	38.185	60	103.597	200	98.073	190	17.39%
Health services (8xxx)	6.795	13	6.792	12	11.688	22	14.464	34	14.464	34	40.943	84	39.738	81	6.59%
Total	99.437	193	100.660	199	157.131	328	219.566	367	219.566	367	612.276	1148	576.794	1087	100.00%

Criteria

• The tables include dollar-denominated deals offered in the United States reported to Prospect News.

• All deals from issuers with $75 million or more total bank debt outstanding (including unused portions of revolvers)

• All loans are leveraged: either the interest rate margin is 150 bps or higher or they are rated speculative-grade by Moody's Investors Service or Standard & Poor's.

• Includes amended and restated loans where the maturity or size is changed but not repricings.

• Offerings are included in the time period in which the bank meeting was held (if available), otherwise the earlier of settlement date or date reported to Prospect News.

• Numeric totals are for the number of deals. Where individual tranches have different features (e.g. interest rate, flex), breakdown is by tranches, otherwise breakdown is by number of deals (e.g. use of proceeds, industry sector).

• DIP facilities are included.

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